Last Modified: Tuesday, February 5, 2013 at 5:01 p.m.

A view of Sarasota Bay from the walkway between Cook Hall and College Hall on the New College campus in February of 2011 in Sarasota. New College celebratied its 50th anniversary in 2011.

HERALD-TRIBUNE ARCHIVE / 2011

The Princeton Review ranked New College of Florida the third-best value of public colleges in the United States this year, the fifth year the school has been recognized in the education company's top three.

The Princeton Review ranked it second in the nation in 2009 and 2011 for best value, and third in 2010 and 2012.

"Of course, we don't want to lose our rankings," O'Shea said with a laugh on Tuesday. "That's the trouble with being ranked well and having a track record."

New College is one of 75 public and 75 private colleges on The Princeton Review's 2013 list, published each year by USA Today. It is the only Florida school to appear on either list.

New College finds ways to make their education affordable, O'Shea said. They do not hire unnecessary staff. They offer many scholarships. By focusing almost solely on academics, they don't have to fund large athletic programs.

And it's this learning environment, with a 10:1 teacher/student ratio and a curriculum that students design themselves under the guidance of faculty, that students thrive in, O'Shea said.

"There's a lot of freedom, but there is also a lot of rigor," O'Shea said. "That makes the intensity. That makes the school what it is."

An in-state student pays about $17,000 in tuition each year, including room and board. Out-of-state students pay roughly $38,000.

Average debt for students upon graduation is about $14,000.

O'Shea said that keeping debt low feels like a "big responsibility." Students, he said, have the freedom to choose jobs they love or move on to graduate school.